Spot Bitcoin ETFs Post Worst Monthly Outflows Since Launch, Shedding $4.5 Billion in June

US spot bitcoin ETFs recorded $4.5 billion in net outflows during June, their worst monthly performance since launching in January 2024.

The figure surpasses the previous record of $3.48 billion set in February 2025. BlackRock’s IBIT alone accounted for $3.55 billion of those withdrawals, with a nine-day negative streak closing out the month including $222.6 million on June 30 alone.

SpaceX IPO and Macro Rotation Blamed

Analysts pointed to two main drivers behind the selloff. The SpaceX IPO, which raised $75 billion and marked the largest single day of retail buying on record, pulled significant capital away from crypto markets. Separately, elevated interest rates and geopolitical uncertainty pushed institutions toward reducing exposure to higher-volatility assets.

Bitcoin Slides to September 2024 Levels

Bitcoin fell to around $58,500, down 20% over the past month, with some analysts warning of a potential drop toward $40,000 by the fourth quarter. Total net assets across spot bitcoin ETFs have declined to roughly $70.9 billion from peaks above $110 billion earlier this year.

Long-Term Conviction Still Intact

Despite the outflows, analysts cautioned against reading too much into short-term withdrawals, describing the current period as speculative cooling rather than a fundamental shift in institutional confidence.